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Lecture Business and society: Stakeholders, ethics, public policy: Chapter 4 - Anne Lawrence, James Weber

Chapter 4 - Ethics and ethical reasoning. The goals of this chapter are: Defining ethics and business ethics, evaluating why businesses should be ethical, knowing why ethical problems occur in business, identifying managerial values as influencing ethical decision making, recognizing how people’s spirituality influences their ethical behavior, understanding stages of moral reasoning, analyzing ethical problems using generally accepted ethics theories. | Chapter 4 Ethics and Ethical Reasoning Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Ch. 4: Key Learning Objectives Defining ethics and business ethics Evaluating why businesses should be ethical Knowing why ethical problems occur in business Identifying managerial values as influencing ethical decision making Recognizing how people’s spirituality influences their ethical behavior Understanding stages of moral reasoning Analyzing ethical problems using generally accepted ethics theories 4- The Meaning of Ethics Ethics A conception of right and wrong conduct Tells us whether our behavior is moral or immoral Deals with fundamental human relationships—how we think and behave toward others and want them to think and behave toward us Ethical Principles Guides to moral behavior Business Ethics Application of general ethical ideas to business behavior 4- Sources of Ethics Notions of right and wrong come from many sources Religious beliefs | Chapter 4 Ethics and Ethical Reasoning Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Ch. 4: Key Learning Objectives Defining ethics and business ethics Evaluating why businesses should be ethical Knowing why ethical problems occur in business Identifying managerial values as influencing ethical decision making Recognizing how people’s spirituality influences their ethical behavior Understanding stages of moral reasoning Analyzing ethical problems using generally accepted ethics theories 4- The Meaning of Ethics Ethics A conception of right and wrong conduct Tells us whether our behavior is moral or immoral Deals with fundamental human relationships—how we think and behave toward others and want them to think and behave toward us Ethical Principles Guides to moral behavior Business Ethics Application of general ethical ideas to business behavior 4- Sources of Ethics Notions of right and wrong come from many sources Religious beliefs Family background Education Community/neighborhood Media influences These experiences create a concept of ethics, morality, and socially acceptable behavior in each person Acts as a moral compass to guide an individual when ethical dilemmas arise 4- Ethical Relativism Concept which holds that ethical behavior should be defined by various periods in time in history, a society’s traditions, the special circumstances of the moment, or personal opinion The meaning given to ethics would be relative to time, place, circumstance, and the person/s involved There would be no universal ethical standards on which people around the globe could agree 4- Observations of Unethical Behavior at Work Figure 4.1 4- Five Key Reasons Business Should Be Ethical To meet demands of business stakeholders About three-fourths of employees surveyed in 2007 believe their firms are considering the environment, employee well-being, and the interests of society and the community. Meeting demands of .